B O N D R E P O R T E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER. Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES*

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1 Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* July 6, 2011 TOWN OF CARRBORO $ 2,590,000 Sidewalks, BANs July 19, 2011 TOWN OF ATKINSON $ 750,000 Water, BAN s B O N D *Subject to change.- R E P O R T E R VOLUME XVIII JULY 2011 No. 7

2 Janet Cowell, Treasurer Electronically Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina Janet Cowell, State Treasurer (919) T. Vance Holloman, Deputy Treasurer (919) Sharon Edmundson, Director, Fiscal Management (919) Tim Romocki, Director, Debt Management (919) Dora D. Fazzini, Director, North Carolina Capital Facilities Finance Agency (919) Robert C. Newman, Assistant Director Debt Management (919) Jim Baker, Assistant Director Debt Management (919) No data contained herein is designed or recommended as being suitable for use by any person in reaching a decision with respect to the purchase or sale of any security. Information to support such a decision should be obtained from the issuer or its authorized representatives. B O N D R E P O R T E R TABLE OF CONTENTS VOLUME XVIII No. 7 July 2011 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4-5 State and Local Unit Debt Outstanding Balances 6 PROPOSALS General Obligation Bond 7 Revolving Loans 7 Revenue Bonds 8 North Carolina Capital Facilities Finance Agency 9-10 North Carolina Medical Care Commission 11 Financing Agreements 12 REPORTS OF RECENT SALES Private Placement Bond 13 Anticipation Notes 14 Limited Obligation Bonds 15 OTHER INFORMATION Bond Buyer s Index 16

3 July Sale is on a day to day basis. SCHEDULE OF NEGOTIATED SALES* CITY OF RALEIGH $ 70,000,000 Combined Enterprise System Revenue Refunding Bonds Citi (Sr.); Wells Fargo Securities July 20, 2011 CITY OF CHARLOTTE $ 100,000,000 Water and Sewer System Revenue Refunding Bonds Merrill Lynch, Pierce, Fenner & Smith (Sr.); Wells Fargo Securities August 3, 2011 NORTH CAROLINA HOUSING FINANCE AGENCY $ 60,000,000 Single Family Mortgage Revenue Bonds, Series 2011A-1 Merrill, Lynch, Pierce, Fenner & Smith Inc. (Co-Sr.) RBC Capital markets (Co-Sr.) Wells Fargo N.A., Edward Jones (Cos.) August 17, 2011 COUNTY OF ROCKINGHAM $ 23,000,000 Limited Obligation Refunding Bonds Robert W. Baird August 24, 2011 COUNTY OF GUILFORD $ 30,000,000 Refunding Bonds, Series 2011 Wells Fargo Securities August 31, 2011 COUNTY OF NEW HANOVER $ 100,000,000 New Hanover Regional Medical Center Revenue Refunding Bonds, Series 2011 RBC Capital Markets (Sr.) Merrill, Lynch, Pierce, Fenner & Smith Inc. (Co.) *Subject to change.

4 July NOTICE OF REDEMPTION North Carolina Capital Facilities Finance Agency, $9,800,000 Tax-Exempt Education Revenue Bonds, (Guilford College Project), Series 2005B Amounts: $675,000 Redemption Date: July 1, 2011 Redemption Price: CUSIP Number: 100% 65818SAE3 Present for payment at: The Bank of New York Mellon Trust Company, N.A., as Trustee or Agent Amounts: City of Asheville, North Carolina, Water System Revenue Bonds, Series 2001 $9,405,000 Redemption Date: August 1, 2011 Redemption Price: CUSIP Numbers: 100% BD3, BE1, BF8, BG6, BH4, BJ0, and BK7 Present for payment at: The Bank of New York Mellon, Global Corporate Trust, Corporate Trust Window, 101 Barclay Street, 1 st Floor East, New York, New York Amount: $13,095,000 Redemption Date: June 30, 2011 City of Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Series 2008B Redemption Price: 100% Present for payment at: The Bank of New York Mellon Trust Company, N.A., as bond registrar City of Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Series 1998 Amount: $11,720,000 Redemption Date: June 30, 2011 CUSIP Numbers: BQ1, BR9, BS7, BT5, BU2, BV0, and BW8 Redemption Price: 100% Present for payment at: The Bank of New York Mellon Trust Company, N.A., as bond registrar City of Charlotte, North Carolina, Variable Rate Airport Refunding Revenue Bonds, Series 2008D Amount: Dated: $395,000 October 27, 2008 Redemption Date: July 1, 2011 Redemption Price: CUSIP Number: 100% FE3 Registered Bond: 1 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN (Continued on page 5)

5 July NOTICE OF REDEMPTION (Continued from page 4) North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bonds, (Queens College), Series 2001 Amounts: $7,765,000 Dated: April 1, 2001 Redemption Date: July 27, 2011 Redemption Price: 100% CUSIP Number: Present for payment at: 65818PAC3 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN City of Kannapolis, North Carolina, Water and Sewer System Revenue Bonds, Series 2002 Amount: $180, Dated: December 1, 2002 Redemption Date: August 1, 2011 Redemption Price: 100% CUSIP Number: NC Registered Bond: 1_1 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN $20,935,000 County of Union, North Carolina, Variable Rate Enterprise Systems Revenue Refunding Bonds, Series 2003B Amount: $12,435,000 Redemption Date: August 4, 2011 Redemption Price: 100% CUSIP Number: Present for payment at: BQ8 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN North Carolina Capital Facilities Finance Agency, Variable Rate Revenue Bonds, (Triangle Aquatic Center), Series 2006 Amount: $350,000 Dated: August 1, 2006 Redemption Date: August 1, 2011 Redemption Price: 100% CUSIP Number: 65819GCY2 Registered Bond: 1 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN North Carolina Capital Facilities Finance Agency, Tax-Exempt Educational Facility Revenue Bonds, (The Downtown Middle School), Series 2006 Amount: $150,000 Redemption Date: August 1, 2011 Redemption Price: 100% Bond Number: FASBAL_1 CUSIP Number: Present for payment at: 65818PEK1 Regions Bank, 250 Riverchase Parkway East, 5 th Floor, Hoover, Alabama City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2001 Amount: $149,000,000 Redemption Date: August 3, 2011 Redemption Price: 101% CUSIP Numbers: CT4, DJ5, CU1, CV9, CW7, CX5, CY3, CZ0, DA4, DB2, DC0, and DD8 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN 55107

6 July STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES JUNE 30, 2011 Amount Population Per Capita Local Units Debt $ 28,538,576,663 State of North Carolina $ 6,936,855,000 9,386,573 $ U.S. Public Debt $14,343,087,640, ,763,189 $ 46,006.35

7 July GENERAL OBLIGATION BOND PROPOSALS APPROVED ON JULY 12, 2011 Municipality: Town of Atkinson Population: 266 Amount: $ 750,000 Water Bond Sanford Holshouser LLP REVOLVING LOANS APPROVED ON JULY 12, 2011 Municipality: Amount: Town of Oakboro $ 2,019,292 Sewer Interest Rate: 20 years Not to exceed 4%. Loan from: State of North Carolina County: Amount: Gaston $ 8,000,000 Sewer Interest Rate: 20 years Not to exceed 4%. Loan from: State of North Carolina Municipality: Amount: Town of Surf City $ 3,916,115 Sewer Interest Rate: 20 years Not to exceed 4%. Loan from: State of North Carolina

8 July REVENUE BONDS APPROVED ON JULY 12, 2011 Municipality: City of Charlotte Amount: $107,000,000 (Water and Sewer System Revenue Refunding Bonds) Approximately 14 years Interest Rate: Fixed Structure: Public Sale. Sale is scheduled for the week of July 18 th so as not to conflict with any other revenue bonds. Issue expected to be rated Moody s: Aaa; S&P: AAA; Fitch: AAA Final Maturity: Not beyond Bond Parker Poe Adams & Bernstein L.L.P. Underwriter: Merrill Lynch, Pierce, Fenner & Smith, Inc. (Sr.); Wells Fargo Bank, National Association Underwriter s McGuireWoods LLP Registrar/Trustee: US Bank National Association (DTC) Financial Advisor: DEC Associates, Inc. Feasibility Consultant: Waters & Company, LLC (agreed-upon procedures) County: Union Amount: $ 11,425,000 (Variable Rate Enterprise Systems Refunding Revenue Bonds Related Swap Amendments) Approximately 10.5 years (to maturity same as existing) Interest Rate: Variable (synthetically fixed thru swap & variable rate private purchase to maturity eliminating need for liquidity provider) Structure: Private Purchase non-bank qualified by Bank of America Public Capital Corp. for its own portfolio. Registration will be limited to banks, insurance companies and similar financial institutions as no offering statement. Bond currently rated on a standalone basis: Moody s: Aa2; S&P: AA-; Fitch: AA-. Final Maturity: Not beyond Bond Parker Poe Adams & Bernstein LLP Purchaser: Banc of America Public Capital Corp. Purchaser s Hunton & Williams LLP Registrar/Trustee: U.S. Bank National Association Swap Provider: Citibank, N.A. Financial/Swap Advisor: First Tryon Advisors

9 July NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON JULY 12, 2011 Elon University Amount: $41,000,000 Revenue Bonds, Series 2011 Location: Elon (Alamance County) Structure: Limited public offering in $100,000 denominations and integral multiples of $5,000 thereafter. Pricing currently is scheduled for the week of July 18, 2011, so as to not conflict with any other revenue bonds. The bonds are expected to be rated by Moody s: Aa3/VMIG1, based upon the credit rating of the letter of credit provider. Approximately 25 years. Interest Rate: Variable (Initially weekly) The University expects to execute a variable to fixed rate swap in conjunction with the proposed financing. Final Maturity: Not to extend beyond January 31, Bond Womble Carlyle Sandridge & Rice, PLLC Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated Underwriter s Parker Poe Adams & Bernstein LLP Trustee/Paying Agent/Registrar: Branch Banking & Trust Company (DTC) Remarketing Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated LOC Provider: Bank of America, N.A. LOC Provider Hunton & Williams LLP Borrower s Smith Moore Leatherwood LLP Swap Advisor: Morgan Keegan & Company, Inc. Swap Provider: Bank of America, N.A. Queens University Amount: $56,000,000 Variable Rate Educational Facilities Revenue Bonds, Series 2011 Location: Charlotte (Mecklenburg County) Structure: Limited public offering in $100,000 denominations and integral multiples of $5,000 thereafter. Pricing currently is scheduled for the week of July 25, 2011, so as to not conflict with any other revenue bonds. The bonds are expected to be rated by Moody s: Aa3/VMIG1, and by S&P: A+/A-1, based upon the credit rating of the letter of credit provider. Approximately 22 years. Interest Rate: Variable (Initially weekly). The University expects to execute a variable to fixed rate swap in conjunction with the proposed financing. Final Maturity: Not to extend beyond June 30, Bond Parker Poe Adams & Bernstein LLP Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated Underwriter s Pope Zeigler, LLC Trustee/Paying Agent/Registrar: Wells Fargo Bank, National Association (DTC) Remarketing Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated LOC Provider: Bank of America, N.A. LOC Provider McGuireWoods LLP Borrower s Robinson Bradshaw & Hinson, P.A. Financial Advisor: Davenport & Company LLC Swap Advisor; Davenport & Company LLC Swap Provider: Bank of America, N.A. (Continued on page 10)

10 July NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON JULY 12, 2011 (Continued from page 9) North Carolina Housing Finance Agency Amount: $225,000,000 New Issue Bond Program GS 122A-8 Structure: Public & private sales from time to time through December 31, 2012 scheduled so as not to conflict with other revenue bond sales. Expected ratings AA from S&P and Aa2 from Moody s. Final maturity 35 years. Interest Rate: Fixed rate, tax-exempt, in connection with the conversion of previously issued taxable bonds to a fixed-rate, tax-exempt rate pursuant to the terms and requirements of NIBP. Bonds issued pursuant to the 1998 Trust Agreement would be issued at tax-exempt rates. Final Maturity: Not to extend beyond Bond Womble Carlyle Sandridge & Rice PLLC Underwriters: Merrill Lynch, Pierce, Fenner & Smith Inc. and RBC Capital Markets; Wells Fargo Bank, National Association; Edward D. Jones & Co., L.P. Underwriter s Bode, Call & Stroupe, L.L.P. Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A.

11 July NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JULY 12, 2011 Halifax Regional Medical Center, Inc. Amount: $ 7,000,000 Hospital Revenue Bonds, Series 2011 Location: Roanoke Rapids (Halifax County) Structure: Non-rated, private placement non-bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close during the week of July 25, Transfer is restricted to qualified financial institutions (QIBs). Approximately 22 years. Interest Rate: Fixed rate of 4.90% for seven years and then coverts to variable, adjusted monthly to 78% of one month LIBOR % Final Maturity: Not to exceed December 31, Bond McGuireWoods LLP Bank: Branch Banking & Trust Company Bank Moore & Van Allen PLLC Borrower s Woods Rogers PLC Agreed-Upon- Procedures: Dixon Hughes Goodman LLP Trustee: US Bank National Association Cone Health System Amount: $52,000,000 Hospital Revenue Refunding Bonds, Series 2011B Locations: Greensboro (Guilford County) and Reidsville (Rockingham County) Structure: Series B is a rated, limited public offering in $100,000 denominations and integral multiples of $5,000 thereafter. Closing is scheduled for the week of August 1, 2011 to not conflict with other healthcare revenue bonds. Bonds are expected to be rated AA/A-1+ by both S&P and Fitch. The Health System has an underlying rating of AA by S&P and Fitch. Terms: Approximately 24 years. Interest Rate: Series B: variable; adjusted weekly, at SIFMA plus 15 bps. Final Maturity: Series B: Not to exceed December 31, 2035 Bond McGuireWoods LLP Underwriter/ Remarketing Agent: Morgan Stanley & Co. Incorporated Underwriters Bode, Call & Stroupe, LLP Borrower s Smith Moore Leatherwood LLP Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. (DTC) Financial Advisor: Melio & Company, LLC

12 July FINANCING AGREEMENTS APPROVED ON JULY 12, 2011 Municipality: Town of Harrisburg Population: 11,526 Amount: $ 2,332,357 Water Amount: $3,612,984 Sewer Authority: G.S ; G.S. 160A-274 Financing Agreement Interlocal Contract Interest Rate: 0% 12 years Payment: Semi-annual Lender: Charlotte Mecklenburg Utilities County: Caswell Population: 23,719 Amount: $ 8,570,000 County Jail Interest Rate: 3.325% Authority: G.S. 160A-20 Installment Purchase Private Placement 15 years interest only first year Payment: Semi-annual Bank: Bank of America/Merrill Lynch Bond Sands Anderson Financial Advisor: First Tryon Advisors Municipality: City of Dunn Population: 9,260 Amount: $ 2,989,000 Streets Authority: G.S. Installment Purchase Private Placement Interest Rate: 1.73% The term is two years. At completion of the project the Payment: construction period loan will be replaced with permanent financing provided by the USDA. Informationally, the permanent financing has been committed for a period of 25 years at rate of 3.175%. Interest and principal will be paid at maturity. Lender: Branch Banking & Trust Company Municipality: City of Lumberton Population: 22,619 Amount: $ 1,000,000 Park Authority: G.S. 160A-20 Installment Purchase Contract Private Placement Interest Rate: 3.24% 10 years Payment: Annual Bank: BB&T Municipality: City of Washington Population: 10,114 Amount: $769,566 Building (Commercial) Authority: (G.S. 160A-20 Installment Purchase Contract Private Placement Interest Rate: 2.91% Taxable 5 years Payment: Monthly Bank: RBC

13 July REPORT OF RECENT GENERAL OBLIGATION BOND SALES Municipality: Amount: City of Wilmington $ 5,000,000 General Obligation Bonds, Series 2011C Dated: Date of Delivery True Interest Rate: % Sold on: Rates: June 14, s, 1,025M, 2013/2016; 3.00s, 1,325M, 2017/2021; 4.00s, 2,650M, 2022/2031. The Bonds maturing on or before July 1, 2021 will not be subject to redemption prior to maturity. The Bonds maturing on or after July 1, 2022 will be subject to redemption prior to maturity, at the option of the City, from any moneys that may be made available for such purpose, either in whole or in part on any date on of after July 1, 2021, at the redemption price of the principal amount of Bonds to be so redeemed, plus accrued interest to the redemption date. Average Life: Winning Bidder: years Davenport & Company LLC Co-Bond Parker Poe Adams & Bernstein LLP and The Firm, PLLC Francis Law Municipality: City of Wilmington Amount: $ 3,120,000 General Obligation Refunding Bonds, Series 2011B Dated: Date of Delivery True Interest Rate: % Sold on: Rates: June 14, s, 1,000M, 2012/2013; 3.00s, 1,395M, 2014/2016; 2.00s, 420M, 2017; 2.25s, 305M, The Bonds are not subject to redemption prior to maturity. Average Life: 3.27 years Winning Bidder: Stifel, Nicolaus & Company, Inc. Co-Bond Parker Poe Adams & Bernstein LLP and The Francis Law Firm, PLLC Municipality: City of Wilmington Amount: $ 3,660,000 General Obligation Series 2011A Bonds, Dated: Date of Delivery True Interest Rate: % Sold on: June 14, 2011 Rates: 2.00s, 735M, 2013/2016; 3.00s, 4.00s, 975M, 1,950M, 2017/2021; 2022/2031. The Bonds maturing on or before July 1, 2021 will not be subject to redemption prior to maturity. The Bonds maturing on or after July 1, 2022 will be subject to redemption prior to maturity, at the option of the City, from any moneys that may be made available for such purpose, either in whole or in part on any date on or after July 1, 2021, at the redemption price of the principal amount of Bonds to be so redeemed, plus accrued interest to the redemption date. Average Life: years Winning Bidder: Davenport & Company LLC Co-Bond Parker Poe Adams & Bernstein LLP and The Francis Law Firm, PLLC Municipality: City of Greenville Amount: $ 3,225,000 General Obligation Public Improvement Bonds, Series 2011 True Interest Cost: % Dated: Date of Delivery Sold on: June 15, 2011 Rates: 2.00s, 985M, 2012/2017; 2.50s, 160M, 2018; 3.00s, 640M, 2019/2022; 3.125s, 160M, 2023; 3.25s, 160M, 2024; 3.40s, 160M, 2025; 4.00s, 960M, 2026/2031. The Bonds maturing on June 1, 2022 and thereafter will be redeemable, at the option of the City, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than June 1, 2021, at 100%, plus interest accrued to the date fixed for redemption. Winning Bidder: Davenport & Company LLC Bond Sidley Austin LLP

14 July REPORT OF RECENT SALE OF BOND ANTICIPATION NOTES Municipality: City of Greensboro Amount: $ 6,000,000 General Obligation Parks and Recreational Facilities Bond Anticipation Notes Dated: June 28, 2011 Maturing Date: February 28, 2012 Sold on: June 14, 2011 Interest Rate: 1.00% Winning Bidder: Robert W. Baird & Co., Inc. Co-Bond Sidley Austin LLP and Law Offices of Steve Allen Municipality: Town of Carrboro Amount: $ 2,590,000 Dated: July 19, 2011 Maturing: April 18, 2012 Sold on: July 6, 2011 Interest Rate:.75% Winning Bidder: Bond General Obligation Sidewalk Bond Anticipation Notes, Series 2011 Wells Fargo Bank, National Association Sanford Holshouser LLP County: Pender Amount: $ 17,500,000 General Obligation Water Bond Anticipation Notes, Series 2011 Dated: July 5, 2011 Maturing: April 4, 2012 Sold on: June 21, 2011 Interest Rate:.50% Winning Bidder: Wells Fargo Bank, National Association Bond Sanford Holshouser LLP

15 July REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS APPROVED ON DECEMBER 7, 2010 Unit: County of Cumberland Population: 321,071 Amount: $37,755,000 Current refunding of two privately placed installment purchase contracts financing a school and a county human services building. The refunding realizes a Net Present Value savings of $1,528,331 or 3.818% of the refunded debt. Rating(s): Moody s: Aa2; S&P: AA Dated: July 14, 2011 Underwriter(s): Stephens Inc. Sold on: BPA June 17, 2011 Closing July 14, 2011 Terms: Public sale $5,000 denominations. Final Maturity: 2028 Effective Interest Cost: % Credit Enhancement to be provided by: None Trustee/Registrar: Regions Bank Special Hunton & Williams LLP Underwriter s Womble Carlyle Sandridge & Rice, PLLC APPROVED ON NOVEMBER 2, 2010 Unit: County of Rutherford Population: 63,012 Amount: $22,555,000 Advance refunding of Series 2002 and Series 2003 Certificates of Participation and three privately placed installment purchase contracts. The refunding realizes a Net Present Value savings of $786,061 or 3.428% of the refunded debt. Rating(s): Moody s: Aa3 (insured)/a1 (underlying); Fitch: A+ (underlying) Dated: July 14, 2011 Underwriter(s): Stephens Inc. Sold on: BPA June 17, 2011 Closing July 14, 2011 Terms: Public sale $5,000 denominations. Final Maturity: 2023 Effective Interest Cost: % Credit Enhancement to be provided by: Insurance Assured Guaranty Trustee/Registrar: U.S. Bank, National Association Special Parker Poe Adams & Bernstein LLP Underwriter s Moore & Van Allen PLLC

16 July BOND BUYER S INDEX 20 G.O. Bonds Percent Rate Jul 8 Aug 5 Sept 2 Oct 7 Nov 4 Dec 2 Jan 6 Feb 3 Mar 3 Apr 7 May 5 Jun 2 DAY The Bond Reporter is now available for download from the World Wide Web: JANET COWELL NORTH CAROLINA STATE TREASURER 325 NORTH SALISBURY STREET RALEIGH, NORTH CAROLINA Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998